What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2022-03-09 compared with 2021-03-10 · 14 added, 65 removed, 40 unchanged (66% of the section changed)

7 unchanged sentences

PERFORMANCE GRAPH

The following chart compares the cumulative total return on the Company’s common stock with the NASDAQ Market Index, the Company’s peer group, which is comprised of companies that we believe have comparable characteristics and are in the same industry or line-of-business, and the Hemscott Group Index for Housewares & Accessories.

The following chart compares the cumulative total return on the Company’s common stock with the Nasdaq Market Index, the Hemscott Group Index for Housewares & Accessories, the Company’s old peer group, and the Company's new peer group, which is changed in 2021 to better address changes in the external market and to better reflect our business.

The Company's new peer group is comprised of companies that we believe have comparable characteristics and are in the same industry or line-of-business.

The comparisons in this chart are required by the SEC and are not intended to forecast or be indicative of the possible future performance of the Company’s common stock.

Date Lifetime

Group Index Peer

Group Index New Peer

Group Old Peer

12/31/2016 (1)(2)

9 unchanged sentences

A list of the companies included in the Company’s Hemscott Group Index will be furnished by the Company to any stockholder upon written request to the Chief Financial Officer of the Company.

Peer issuers included in the peer group identified include, Acushnet Holdings Corp., Callaway Golf Co., Crocs, Inc., Delta Apparel, Inc., Hamilton Beach Brands Holding Co., Helen of Troy Ltd., JAKKS Pacific, Inc., Lands’ End, Inc., Movado Group, Inc., Oxford Industries, Inc., The Buckle, Inc.

New Peer Group comprises of Acushnet Holdings Corp., Crocs, Inc., Hamilton Beach Brands Holding Co., Helen of Troy Ltd., Lands’ End, Inc., Johnson Outdoors Inc., Movado Group, Inc., Oxford Industries, Inc., The Buckle, Inc.

and Tupperware Brands Corp., Unifi, Inc., Universal Electronics Inc., Vera Bradley, Inc., YETI Holdings, Inc.

Old Peer Group comprises of Acushnet Holdings Corp., Callaway Golf Co., Crocs, Inc., Delta Apparel, Inc., Hamilton Beach Brands Holding Co., Helen of Troy Ltd., JAKKS Pacific, Inc., Lands’ End, Inc., Movado Group, Inc., Oxford Industries, Inc., The Buckle, Inc.

and Tupperware Brands Corp.

(2) The graph was prepared by Zacks Investment Research, Inc.

Used with permission.

The table below sets forth information regarding issuer purchases of equity securities:

8 unchanged sentences

end of period (2)

November 1 - November 30, 2020 2,751 $ 12.34 — $ 6,771,467

December 1 - December 31, 2021 177 $ 15.97 — $ 6,771,467

6 unchanged sentences

No repurchases occurred during the three months ended December 31, 2021.

Selected Financial Data

The selected consolidated statement of operations data for the years ended December 31, 2020, 2019 and 2018 and the selected consolidated balance sheet data as of December 31, 2020 and 2019 have been derived from the Company’s audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

The selected consolidated statement of operations data for the years ended December 31, 2017 and 2016 and the selected consolidated balance sheet data at December 31, 2018, 2017 and 2016 have been derived from the Company’s audited consolidated financial statements included in the Company’s Annual Reports on Form 10-K for those respective years, which are not included in this Annual Report on Form 10-K.

This information should be read together with the discussion in Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Company’s consolidated financial statements and Notes to those statements included elsewhere in this Annual Report on Form 10-K.

Year ended December 31,

2020 2019 2018 2017 2016

(in thousands, except per share data)

STATEMENT OF OPERATIONS DATA (1)

Net sales $ 769,169 $ 734,902 $ 704,542 $ 579,476 $ 592,619

Cost of sales (2)

495,171 479,711 448,785 364,319 375,719

Distribution expenses (3)

72,845 72,543 69,716 58,050 57,006

Selling, general and administrative expenses (4)

155,872 161,618 162,933 140,903 130,397

Goodwill and other impairments 20,100 42,990 2,205 — —

Restructuring expenses 211 1,435 2,324 1,024 2,420

Income (loss) from operations

24,970 (23,395) 18,579 15,180 27,077

Interest expense (17,277) (20,780) (18,004) (4,291) (4,803)

Mark to market (loss) gain on interest rate derivatives (2,144) 402

Loss on early retirement of debt — — (66) (110) (272)

Income (loss) before income taxes and equity in earnings

5,549 (43,773) 509 10,779 22,002

Income tax provision

(9,866) (1,109) (2,889) (9,032) (7,030)

Equity in earnings, net of taxes

1,310 467 660 407 748

Net (loss) income

$ (3,007) $ (44,415) $ (1,720) $ 2,154 $ 15,720

Basic (loss) income per common share

$ (0.14) $ (2.16) $ (0.09) $ 0.15 $ 1.11

Weighted-average shares outstanding – basic 20,860 20,597 19,452 14,505 14,174

Diluted (loss) income per common share

$ (0.14) $ (2.16) $ (0.09) $ 0.14 $ 1.08

Weighted-average shares outstanding – diluted (5)

20,860 20,597 19,452 14,955 14,549

Cash dividends declared per common share $ 0.17 $ 0.17 $ 0.17 $ 0.17 $ 0.17

2020 2019 2018 2017 2016

(in thousands)

BALANCE SHEET DATA (1)

Current assets $ 421,293 $ 329,153 $ 318,804 $ 258,423 $ 256,447

Current liabilities (6)

180,070 107,307 84,876 71,515 91,286

Working capital (6)

241,223 221,846 233,928 186,908 165,161

Total assets (6)

807,481 770,023 708,572 401,521 399,854

Short-term borrowings 17,657 8,413 1,253 69 9,456

Long-term debt 266,279 287,103 304,774 94,744 86,201

Stockholders’ equity 230,136 236,317 279,493 210,279 197,728

(1) The acquisition of Filament in March 2018 affects the comparability of the periods.

(2) Prior to January 1, 2019, depreciation associated with certain tooling used to produce products was classified as selling, general and administrative expenses.

The amount recorded in cost of sales for the year ended December 31, 2020 and 2019 was $1.0 million and $1.4 million, respectively.

The impact on the comparative periods presented is immaterial and therefore, the comparative periods have not been adjusted to reflect this change in accounting policy.

(3) The 2016 period includes a $1.2 million charge to correct prior years’ depreciation of certain assets within the U.S.

(4) The 2018 period includes a gain of $1.7 million related to adjustments to the fair value of certain contingent consideration.

(5) The computations of weighted-average shares outstanding - diluted excludes stock options and other stock awards that if included would have been anti-dilutive.

(6) The 2019 and subsequent periods reflect the adoption of the Financial Accounting Standards Board's (“FASB”) Accounting Standard's Update No.

(“ASU”) 2016-02, Leases (Topic 842) (“ASU 2016-02”) which requires a lessee, in most leases, to initially recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term.

As a result, comparability to the prior years' current liabilities, working capital, and total assets is affected.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity